EXHIBITING AT BOOTH #2243, PDAC 2024 CONVENTION IN
Announces Results of Annual General and Special Shareholders' Meeting
TSX:ORV
PDAC 2024
Orvana cordially invites shareholders, investors, brokers, analysts, and interested parties, to learn more about its operations and growth perspectives via brownfield and greenfield exploration programs, by visiting booth #2243 in the Investors Exchange area of PDAC.
TAGUAS PROJECT - EXPLORATION UPDATE
Project Background
Taguas Au-Ag project is located in the northern sector of the El Indio-Valle del Cura mineralized Belt (
The El Indio-Valle del Cura Belt has historically been explored for shallow epithermal Au-Ag mineralization, however it has been little exploration in the search for porphyry-type deposits that could be potentially associated with the epithermal systems.
In recent years, deep drilling in the northern sector of the belt (now denominated Link belt) permitted the discovery of the Valeriano mineralized Cu-Au-Mo porphyry (1,413.0 Mt @ 0.5% Cu, 0.2 g/t Au & 0.96 g/t Ag, Inferred, Nur, 2023) that occur below a high sulfidation epithermal lithocap with Au-Ag mineralization (32.1 Mt @ 0.54 g/t Au & 2.43 g/t Ag, Inferred, Nur, 20234). This project, owned by Atex Resources, is located 10km North of Taguas project, within Chilean territory. Valeriano porphyry deposit at depth is represented by a granodiorite and associated porphyries, the development of a strong stockwork of quartz veinlets, potassic alteration and Cu sulfide mineralization (Burgoa et al., 20151).
Orvana is repositioning its strategy at Taguas. The Company had been focused on the oxides portion of the property, but it is reconsidering the strategy, now potentially including sulphides resources, plus deep copper-gold porphyry opportunities.
Hypogene sulfides mineralization
Over 63,000 meters of drilling have been conducted across different targets on the property. At Cerros Taguas, both the supergene-oxidized gold-silver mineralization within the first 200 meters beneath the surface and the gold-silver and hypogene sulfides mineralization have been drilled.
Both the oxidized portion and the hypogene sulfide portion shows a predominant advanced argillic alteration. Next exploration steps will involve a spectral analysis campaign to refine alteration types definition, plus geo-metallurgical tests with oxide and sulfide ores. Once the combined oxides-sulfides opportunity is understood, the next steps for the project will be determined.
Potential copper-gold porphyry opportunities
High molybdenum values have been recorded in different sectors of the Taguas project (Figure 1). In shallow drilling intervals of Cerros Taguas, flaky molybdenite has been recognized associated with alunite-pyrite-enargite assemblages that fill fractures and conform the cement of hydrothermal breccias. In deeper intervals, molybdenite occurs in quartz+molybdenite veinlets with straight walls, which seem to be typical B veins of porphyry deposits (Gustafson and Hunt, 19752).
Picture | DDH | From | To | Mo (g/t) |
A | TADD-168 | 442 | 444 | 243 |
B | TADD-168 | 295 | 297 | 236 |
C | TADD-172 | 413 | 415 | 337 |
D | TADD-172 | 204 | 205 | 406 |
E | TADD-172 | 200 | 201 | 210 |
Table 1. Molybdenum values from selected samples shown in figure 1.
Taguas exploration update was prepared under the supervision of
Quality Control
The reported drilling intercepts were carried out during the Goldfields JV campaign. Gold Fields sampled 5,630 drill core intervals from 17 drill holes during the 2011-2012 summer field season.
The core sampling was performed following a protocol designed for the project. Company personal were not allowed to carry any metallic rings when sampling the core. The sampling intervals did not cross defined lithological/alteration limits and the samples varied between 0.5 m to 2.0 m in length. The geologist performed detailed core logging, marked the sample intervals and the core sample cut lines. The cut line had to be perpendicular to lamination on the surface of the core. A sampling form was completed with the sample number and sample length intervals. Half core samples were identified with a unique sequential sample number taken from a sample tag book and tickets remaining in the book were completed with hole number depth from, depth to, sample length. The samples were placed in plastic bags with four identical tags stapled at the top of the bag and sealed. The same number was written on the side of the bag with a permanent marker. QA/QC samples were inserted and batches of 73 samples were prepared for shipment. The geologist was responsible for supervising the sample loading and completed two identical shipment forms. One form was given to the truck driver and the other form was approved by the chief of the project and stored in a safe area. Upon arrival at the laboratory, the one responsible for the sample reception signed the shipment form (in agreement) and it was sent back to the project.
The sampling carried out during the Goldfields JV campaign included rigorous QA/QC industry standard procedures, consisting of the insertion of certified reference materials, blanks and duplicates samples into the sample stream.
The geologist sent the sample numbers and length intervals to the database administrator who filled in the laboratory preparation and assay forms. The core samples were prepared in the
Mr.
References
1. | Burgoa, C., Hopper, D., Ambrus, J., 2015. Exploración profunda de un Pórfido Cu-Au bajo el Litocap Valeriano: Geología y Zonación del Sistema Hidrotermal, Región de Atacama, |
2. | Gustafson, L.B., Hunt, J.P., 1975. The porphyry copper deposit at |
3. | Kowalik, J., Simpson, R., 2021. Independent Technical Report NI 43-101 on the |
4. | Nur, J., 2023. Independent Technical Report for the |
ANNUAL GENERAL AND SPECIAL SHAREHOLDERS' MEETING RESULTS
The Company also announces that, at its annual general and special shareholders' meeting (the "Meeting") held on
Following the Meeting, Mr.
The Company also received 79,120,533 votes (representing 99.32% of votes cast) to re-appoint
For full voting details please see Orvana's voting results as filed on SEDAR at www.sedarplus.ca
ABOUT ORVANA – Orvana is a multi-mine gold-copper-silver company. Orvana's assets consist of the producing
The Corporate Presentation is available at: https://www.orvana.com/English/investors/presentations/default.aspx
Cautionary Statements – Forward-Looking Information
Certain statements in this presentation constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, potentials, future events or performance (often, but not always, using words or phrases such as "believes", "expects", "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might", "will", "are projected to" or "confident of" be taken or achieved) are not statements of historical fact, but are forward-looking statements.
The forward-looking statements herein relate to, among other things, Orvana's ability to achieve improvement in free cash flow; the ability to maintain expected mining rates and expected throughput rates at El Valle Plant; the potential to extend the mine life of
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies, which includes, without limitation, as particularly set out in the notes accompanying the Company's most recently filed financial statements. The estimates and assumptions of the Company contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to the various assumptions set forth herein and in Orvana's most recently filed Management's Discussion & Analysis and Annual Information Form in respect of the Company's most recently completed fiscal year (the "Company Disclosures") or as otherwise expressly incorporated herein by reference as well as: there being no significant disruptions affecting operations, whether due to labour disruptions, supply disruptions, power disruptions, damage to equipment or otherwise; permitting, development, operations, expansion and acquisitions at El Valle,
A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: the potential impact of global health and global economic conditions on the Company's business and operations, including: our ability to continue operations; and our ability to manage challenges presented by such conditions; the general economic, political and social impacts of the continuing conflict between
Any forward-looking statements made herein with respect to the anticipated development and exploration of the Company's mineral projects are intended to provide an overview of management's expectations with respect to certain future activities of the Company and may not be appropriate for other purposes. Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions and, except as required by law, the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Readers are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements made in this information are intended to provide an overview of management's expectations with respect to certain future operating activities of the Company and may not be appropriate for other purposes.
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